30 de septiembre de 2015 / 16:38 / en 2 años

European shares end worst quarter since 2011 with a rebound

(Adds closing prices)

* Stocks rebound but see worst quarter since late 2011

* FTSEurofirst down over 9 pct in third quarter

* Glencore rallies after saying it has no solvency issues

* Carmakers boosted by China tax cut on small cars

By Danilo Masoni

LONDON, Sept 30 (Reuters) - European shares rose on Wednesday as a bruising quarter ended, after a Chinese tax cut boosted automakers and mining company Glencore rallied when it said had no solvency issues.

European equities still turned in their poorest quarterly performance since the worst of the euro zone debt crisis in 2011. Stocks steadily lost ground on signs of a slowdown in China, the world’s second-biggest economy.

The pan-European FTSEurofirst 300 index ended up 2.56 percent, having lost more than 9 percent in the quarter. The euro zone’s blue-chip Euro STOXX 50 index gained 2.34 percent.

“The market was squeezed and this is facilitating a rebound, while a stronger dollar is also helping, although it’s too early to say if risk appetite has returned,” said Ifigest fund manager Roberto Lottici.

European shares continued higher after euro zone consumer prices fell again in September. The decline puts more pressure on the European Central Bank to increase its asset purchases and kick start anemic price growth.

“I expect some more expansion from the ECB,” Lottici said.

An economic slowdown in China has cut into metals and energy prices, since the country is a major consumer of commodities. That in turn has hit the shares of mining companies.

China’s slowdown has also hit other businesses where China is a major export market, such as carmakers and luxury goods.

Mining and trading giant Glencore, whose shares have slumped some 80 percent since they were listed on the stock market in 2011, rose 14 percent after it sought to reassure investors over its debt.

European car stocks such as Peugeot and Volkswagen also climbed higher after China halved sales tax on small cars to revive growth in the world’s biggest automobile market. The move is likely to help carmakers.

That includes Volkswagen, which has been embroiled in a scandal over faked emissions test. The auto index ended its worst quarter in four years after it was hit by the emissions scandal.

Sainsbury’s surged 13.8 percent after the British supermarket group said it was on course to beat annual profit forecasts, even though it posted a seventh straight quarter of falling underlying sales.

An upgrade to “buy” from “hold” by DZ Bank sent Lufthansa up 6.2 percent in its best day in almost two years. The airline, which has been beset by striking workers, said it aimed to reach a labour deal for around 30,000 ground staff in Germany by the end of November.

Talanx rose 4.3 percent after Commerzbank upgraded the German insurer to “buy” from “hold” while lifting its target price to 30 euros from 26.50 euros.

Today’s European research round-up (Additional reporting by Sudip Kar-Gupta and Lionel Laurent; Editing by Larry King)

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